Bitcoin

BTCUSD/ETHUSD comparison

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Comparison of BTCUSD and ETHUSD, bearish counts. Since their highs in March 2024, they both look like they are trying to form contracting diagonals (or wedges). For BTCUSD, it could mean an ending diagonal C to complete the flat. For ETHUSD, however, this would be a leading diagonal and would not make sense in the context of BTCUSD having an ending diagonal. The most bearish scenario, obviously, would be BTCUSD and ETHUSD both having leading diagonals, which would take something catastrophic but likely lead to the lows of 2022 being challenged. If BTCUSD and ETHUSD form lower lows and complete their wedges, either ETHUSD will have to be interpreted as a double or triple-three, or we are heading down hard.

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